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EUR/USD
Analysis:
The price of the euro has been moving down since the end of last year. Judging by the wave level of the first part of the wave, a correction is formed for the entire previous trend section. In the wave structure, the middle part (B) is nearing completion.
Forecast:
Today, the formation of a reversal and the beginning of a price decline is expected. At the current session, an attempt to re-pressure the resistance is not excluded. You can wait for the start of an active downward move at the end of the day.
Potential reversal zones
Resistance:
- 1.1150/1.1180
Support:
- 1.1090/1.1060
Recommendations:
During the session, short-term purchases of euros are possible today. It is safer to refrain from trading while the rise is completed, and after confirming the reversal, look for signals to sell the pair.
GBP/JPY
Analysis:
A downward correction of the trend wave has been developing on the cross chart since mid-December. The movement structure is not complete. It is nearing the end of the middle part (B). The price is located at the upper edge of the large-scale reversal zone.
Forecast:
Over the next day, the pair's upward trend is expected to be completed, the conditions for changing the course are formed, and the pair's downward trend is expected to start. The expected lower limit of the daily range is shown by the calculated support.
Potential reversal zones
Resistance:
- 144.10/144.40
Support:
- 143.30/143.00
Recommendations:
Purchases of the pair today can be unprofitable. It is recommended to pay attention to the emerging signals of selling the instrument on the trading systems you use.
Explanations: In the simplified wave analysis (UVA), waves consist of 3 parts (A-B-C). The last incomplete wave is analyzed. The solid background of the arrows shows the formed structure and the dotted background shows the expected movements.
Note: The wave algorithm does not take into account the duration of the tool's movements in time!
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